Irish oil producer Petroceltic said a court examiner had selected its largest shareholder, Worldview Capital Management, to take control of the group.
Petroceltic International has acquired most of Worldview's debt in a bid to move towards a financial restructuring.
Petroceltic's second biggest shareholder has said it will not accept the £6.4million offer for the company from activist investor Worldview Capital, stating it substantially undervalues the Irish firm.
Petroceltic could be bought over by Worldview Capital, after recently putting itself up for sale. The move comes after Worldview released a statement in which it said it was in the process of "evaluating and preparing for a possible all cash offer" for the shares in Petroceltic.
Worldview Capital Management, one of the biggest shareholders in Petroceltic, has taken legal action against the company for an alleged breach of its corporate governance agreement. The company has also called for the immediate resignation of its chief executive Brian O’Cathain. The move was taken after the two entered in an agreement in June this year.